This Week in Fintech (4/17)

Hello Fintech Friends,

This week, we released our first Signals of the quarter, breaking down fintech fundraises from Q1.

Please find another week of financings and transactions below.


Editor’s Note: If you’re an early-stage startup founder raising equity or debt, I may be able to help - reach out to nik@thisweekinfintech.com.


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💸 Venture Financing

  • OfBusiness, a credit provider to Indian SMBs, raised $110 million at an $800 million valuation as it prepares for IPO.

  • Ethereum venture studio ConsenSys raised $65 million from financial services providers including JP Morgan, Mastercard and UBS.

  • Netstars, Japan’s largest QR code payment gateway, raised ¥6.6 billion ($60.6 million).

  • Atom Bank’s valuation halved from 2019 levels on its latest £40 million fundraise.

  • Routable, a B2B payment service provider, raised a $30 million Series B.

  • Sunday, a checkout and point-of-sale solution for restaurants, raised a $24 million seed round.

  • Hatch, an SMB neobank, raised $20 million in new funding.

  • Alpian, a Swiss mass-affluent neobank, raised an $18 million Series B.

  • AppZone, a Nigerian banking-as-a-service provider, raised a $10 million Series A.

  • OneCard, a mobile credit card provider, raised $10 million.

  • Cardlay, a Danish expense handling and commercial card startup, raised €8 million from Javier Perez, the former president of Mastercard Europe.

  • Clim8 Invest, a platform for making ethical investing more intelligible, raised $8 million.

  • OpenEnvoy, an invoice processing RPA platform, raised a $6.5 million seed.

  • Safexpay, an Indian white-label payment gateway provider, raised $6 million at a $100 million valuation.

  • Shopse, an Indian buy-now-pay-later provider, raised $5.5 million.

  • Wage, a payroll data API, raised $5 million.

  • Enso Finance, a decentralized platform for currency trading, raised $5 million.

  • Nelo, a Mexican buy-now-pay-later service, raised $3 million.

  • Numida, a Ugandan lending and risk-based pricing service, raised a $2.3 million seed.

  • Plentina, a Filipino buy-now-pay-later startup, raised a $2.2 million seed round.

  • CredFlow, an Indian SMB cashflow management startup, raised a $2.1 million seed round.

  • Thirdfort, a KYC / AML platform, raised £1.5 million.

  • Payable, an Australian bill payment subsidiary of Identitii, raised a £1 million strategic round from CommBank.

  • Fintern, a UK no-credit-score-needed consumer lender, raised £32 million in equity and debt funding.

  • Avanti Finance, a digital lending platform, raised $26 million in combined debt and equity.

  • Modulr, a wholesale bank payments software, raised an undisclosed amount from FIS.

  • Kudos, an Indian digital lending infrastructure provider, raised an undisclosed pre-Series A.

  • Findeed, a consumer financial services provider to underserved Indians, raised a seed round.

  • South Africa’s MTN is preparing to sell a minority stake in its mobile money business at a $5 billion valuation.

  • Embedded banking solutions provider Zeta is in talks with SoftBank to raise a $250 million Series D at a $1 billion valuation.

💵 Debt Financing

  • Mexican mortgage investor FHipo took out a $126 million revolving credit line with the International Finance Corporation. 

  • Revenue-based financing platform Bigfoot Capital took out $30 million in debt for its SaaS loans.

  • Indian lender Lendingkart took out $15 million in debt from Dutch development bank FMO.

💰 Venture Funds

  • Ant Financial is launching a $100 million fintech fund in Berlin.

☯️ Exits and M&A

💻 Fintech
  • Coinbase shares jumped 32% in its direct listing, valuing the company at around $80 billion.

  • Swedish payment platform Trustly confirmed it will IPO, selling €785 million of shares at a €9 billion valuation.

  • Core banking software provider Alkami raised $180 million in its IPO at a valuation of $2.9 billion.

  • Payables automation platform Tipalti acquired procurement solution Approve.com.

  • Benelux compliance platform Delta Capita acquired International Compliance Partners.

🏦 Bank
  • BancorpSouth Bank and Cadence Bancorporation are merging to create a Texas and southeastern US bank with a $6 billion valuation.

  • Hungarian bank OTP is in talks to buy Slovenian bank Nova KBM from its private equity owners in a deal valued at €1 billion.

  • Bank of Montreal is selling its Europe, Middle East and Africa asset-management unit to Ameriprise Financial Inc. for £615 million.

  • Italian bank Credit Agricole raised its bid for rival bank Creval to €737 million.

  • Russian retailer Ozon is expanding into financial services through its acquisition of Oney Bank for around $10 million in cash.

  • PNC is on track to complete its acquisition of BBVA USA by mid-year.

💲 Investment Management
  • Insurer Prudential Financial is weighing the sale of its retirement investment business for over $2 billion.

  • UK investment platform FNZ failed in its appeal to the Competition and Markets Authority to move ahead with its 2019 acquisition of rival investment platform GBST for £150 million.

  • Pension management firm Prime Pensions is buying the assets of Squire Retirement Plan.

📈 SPACs
  • Southeast Asian superapp and financial services marketplace Grab released more details on its plans to go public in the largest SPAC merger ever, with an equity value of around $40 billion and a $4.5 billion fundraise.


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